SAVINGS BOOK Meaning and
Definition
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A savings book, often referred to as a passbook, is a physical document issued by a financial institution to an account holder, primarily used for the purpose of tracking and managing savings deposits. It serves as a record of the individual's savings activity, displaying key information such as the account holder's name, account number, and the financial institution's details.
The savings book is a simple way for account holders to monitor and keep track of their savings, providing a detailed transaction history of deposits made, interest accrued, withdrawals made, and any changes to the account balance. It allows account holders to easily access and review their financial transactions and serves as proof of ownership and account activity.
Traditionally, during a transaction, the savings book is presented to a bank teller who records the deposit or withdrawal made by updating the balance accordingly. With the advancement of technology, some financial institutions offer electronic savings books that enable account holders to access and manage their savings accounts online or through mobile applications.
Savings books are commonly used by individuals who prefer or have limited access to electronic banking services, providing them with a tangible record of their savings activities. They are particularly popular among individuals who prioritize simplicity, transparency, and an organized method of tracking their financial progress.
Common Misspellings for SAVINGS BOOK
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Etymology of SAVINGS BOOK
The word "savings book" is a term commonly used to refer to a type of financial document issued by banks or financial institutions. However, the term itself does not have a specific etymology as it is a compound word formed by combining the words "savings" and "book".
The word "savings" originates from the verb "to save", which in turn traces back to the Old French word "saver" and the Late Latin term "salvare", meaning "to rescue" or "to make safe". Over time, "to save" came to represent the act of setting aside money or resources for future use or emergencies.
The word "book" comes from the Old English term "bōc", which referred to a written work or a collection of written or printed sheets bound together. The term evolved through various stages until it became commonly used to indicate a physical volume containing information, records, or transactions.
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